Overview
The Local Government Direct Loan Program provides a flexible mechanism for VRA to support infrastructure projects that would otherwise be inefficient to finance through other existing VRA programs.
Examples of financings in the Direct Loan Program include small loans ($250,000-$750,00) with fixed rates and terms greater than 20 years, short-term financing in the form of bond anticipation notes (BANs), grant anticipation notes (GANs), or other interim funding prior to long-term funding through another VRA program.
Direct Loan Program Benefits
- Competitive interest rates
- Custom-tailored loan structures
- Straightforward process
- Loan terms up to 30 years (determined by the useful life of the project)
- No additional VRA fees
